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  8888_ Media Prima - Back to black Date: 19/11/2020 Source : HLG Stock : MEDIA Price Target : 0.26 | Price Call : BUY Last Price : 0.185 | Upside/Downside : +0.075 (40.54%) Back Media Prima’s 3Q20 chalked an improvement with core PATAMI of RM4.9m (against -RM5.6m in 2Q20). 9M20 core loss of -RM29.6m came in better than ours/consensus’ loss forecasts of -RM48.3m/-RM60.9m for FY20. This was accomplished on the back of the rise in top line on YoY and QoQ basis, coupled with the cost savings measures that have helped bolster its bottom line. We lower our core loss in FY20 to -RM25.9m. Upgrade to BUY with higher TP of RM0.26 based on FY21f BVPS (RM0.51) of P/B multiple of 0.5x (circa - 1.5SD below its 3-year mean) after our earnings adjustments. Better-than-expected. Media Prima’s 3Q20 revenue of RM268.8m (+13.7% QoQ, +1.2% YoY), translated into a core PATAMI of RM4.9m (vs. core LATAMI of -RM5.6m in 2Q20, -RM23.7m in 3Q19). This brought 9M20 core LATAMI to -RM29.6m, better than ours/consensus’ estimates of -RM48.3m/-RM60.9m, respectively. The improvement was attributed to better top line coupled with the lower opex thanks to its cost rationalisation. 9M20 sum has been arrived after adjusting for (i) net impairment charge (RM7m); (ii) FOREX loss (RM177k); and (iii) loss on disposal of PPE (RM414k). No dividend was declared. QoQ. Top line improved by +13.7% buoyed by the increased in adex with the opening of the economy following the RMCO. EBITDA margin improved by 13ppt on bearing fruit on the recent headcount rationalisation. In tandem with that, the group turned profitable charting a core PATAMI of RM4.9m (vs -RM5.6m in 2Q20). YoY. Revenue inched up by +1.2% on the back of impressive showing in home shopping segment (+40%) and digital media (+31%). This more than offset the decline in broadcasting (-7%), publishing (-30%), OHH (-29%) and content creation (-53%). Subsequently, core PATAMI was recorded as compared to a loss of -RM23.7 in 3Q19. YTD. Revenue skidded by -7.2% on the back of the declines in all segment but was partially cushioned with the rise in digital media (+14%) and home shopping (+36%). The commendable result in home shopping was thanks to the increase in viewership and shifting in consumer spending habits. Coupled with the improve EBITDA margin by 4.3ppt, losses tapered to -RM29.6m (vs -RM70.4m). Outlook. Adex showed a slight uptick on the back of the reopening of the economy. We opine that this was due to advertisers ramping up engagement in tandem with the relaxation of MCO measures. We gather from the management that despite the reintroduction of CMCO across the most of Malaysia, adex numbers has been resilient due to the group’s initiative in ramping up their integrated advertising solutions and producing more advertising content. Furthermore, we deem their business transformation exercise has proven to bear fruit and remain hopeful that the improvement will persist while subsequently defending its bottom-line. ESG. In line with the focus on ESG investing, we are pleased that Media Prima has been listed as the constituent company of the FTSE4Good Index Series, a benchmark and tradable indexes for ESG investors. The group have been awarded as the top 25% by ESG Ratings amongst PLCs assessed by FTSE Russell in June 2020. One notable initiative was the collaboration of WOWSHOP with the Ministry of Domestic Trade and Consumer Affairs to link with the SMEs and developed a DESAMALL on WOWSHOP’s ECMC platform to help SMEs reach out to WOWSHOP’s large customer base. Forecast. We revise FY20/21/22 forecasts upward from -RM48.3m/-RM15.8m/10.2m to -RM25.9m/RM7.7m/RM27.1m after factoring higher revenue and lower opex. Upgrade to BUY with higher TP of RM0.26 based on FY21f BVPS (RM0.51) tagged to a higher P/B multiple of 0.5x (roughly -1.5SD below its 3-year mean) after our earnings adjustments. Despite the challenging outlook in the media industry, we are encouraged by the group initiative in streamlining its operations and at the same time proactively improving their integrated advertising solutions. Source: Hong Leong Investment Bank Research - 19 Nov 2020 https://klse.i3investor.com/servlets/ptres/57513.jsp 20/11/2020 9:05 PM NoHopeMedia GapUpLimitUp I hold 100k share. My entry point too high and average down because i put hope during Morgan stanley, and average again when SM come... only notice this share is worst GLC company. Even EPF sold all their share. 60-75% paper lost, same as SM. 23/11/2020 10:54 PM NoHopeMedia Boat is here for those interested to ride it...Don't miss the opportunity now before it rocket. When few cents up, everyone appear and talk like gods ... But when price drop, everyone disappear... Weird forum.... 24/11/2020 9:55 AM Hidup_PN ESG good why promoters never said? TG so many Covid19 cases yet many like it why? 24/11/2020 11:15 AM NoHopeMedia Easy answer. Because TG manage by bussiness man and Media manage by politician 24/11/2020 11:17 AM NoHopeMedia That what I think few year ago . “I think it will up after 2018 elections” 24/11/2020 6:43 PM NoPainNoGain Been holding long before new +QR. But my patience getting thinner and thinner. 24/11/2020 6:44 PM NoHopeMedia KLSE green it dont go up QR black it also dont go up Hope no one trap fake rebound at 0.2 25/11/2020 11:20 AM NoHopeMedia Opportunity come again ... For those want to buy, faster buy now before it rocket.... 0.17 is very good to enter.... Hurrayyyyy ..... 25/11/2020 3:11 PM GapUpLimitUp Why_ added a lot? There were 4282 lots of shares transacted at 0.175 today. NoHopeMedia needs more ppl like you to be free from this sh-thole! 25/11/2020 6:41 PM NoHopeMedia No worry. Tomorow limit up since the dream of everyone to have black quarter arrived Anytime will limit up like GETS Lelong lelong 25/11/2020 7:20 PM Kedahan Share price is it concern PM? PM no more Tun M so EPF, local funds won't support? 26/11/2020 5:03 AM Kedahan Next year should propose Chairman replace CEO but with 1 salary for 2 persons only Media share can up more? 26/11/2020 5:18 AM NoHopeMedia No worry. Good news is coming. Time to buy now before too late. I wait it to shoot up since 2017. Media shoot down til 2020. 26/11/2020 10:00 AM NoHopeMedia Fuyoh... Media up 5% again... Those claim missed the boat, faster follow to sail....Dont complain again if later miss boat... Tomorrow will be RM0.5 26/11/2020 9:22 PM 8888_ Covid-19 vaccine to be given free to Malaysians, says PM Muhyiddin https://www.theedgemarkets.com/article/covid19-vaccine-be-given-free-malaysians-says-pm-muhyiddin 27/11/2020 10:05 PM 8888_ He said this will be done comprehensively, including via statements to the media, media reports, publications, TV and radio as well as social media besides holding more health seminars and the World Immunisation Day and World Immunisation Week celebrations. 27/11/2020 10:06 PM NoHopeMedia Another Green KLSe for Media to shoot up -- Buy now before it fly you to holland 30/11/2020 10:33 AM Useless Which shareholders should I name and shame name selling cheap? B4b4, IlmuKhodam, etc who else? 30/11/2020 11:25 AM Useless Sign vaccine agreements with US sure US funds buy. Locals sell cheap smart? 30/11/2020 11:26 AM NoHopeMedia Totally agree. All media related stock all up today , mediac, star and astro EXCEPT media. Come buy more when it drop now . Boat are waiting 30/11/2020 11:27 AM Useless Advertising industry set for recovery https://www.thestar.com.my/business/business-news/2020/11/30/advertising-industry-set-for-recovery 30/11/2020 11:27 AM NoHopeMedia Dont expect calm water with no croc. Later bite you as it bite many people here 01/12/2020 10:28 PM Hidup_Anwar AGM in 2021 pls attend and throw rotten eggs haha. Lokeatme Really calm..Media prima.. only announced dividend then will soar..? 01/12/2020 4:46 PM 02/12/2020 10:49 AM Hidup_Anwar Who want PM change talk to your PKR MPs' haha. You see like Gombak people ada berani? 02/12/2020 10:51 AM Hidup_Anwar Gombak voters sue Azmin for breach of fiduciary obligations, constitutional oath https://www.theedgemarkets.com/article/gombak-voters-sues-azmin-breach-fiduciary-obligations-constitutional-oath 02/12/2020 10:52 AM 8888_ Dr M offers to be witness in suit against Azmin https://www.freemalaysiatoday.com/category/nation/2020/12/02/dr-m-offers-to-be-witness-in-suit-against-azmin/ 02/12/2020 3:57 PM NoHopeMedia As long as up- doesnt matter fake news... Many Stock negative profit also shoot till sky .... 03/12/2020 4:18 PM  | APPS  I3 Messenger Individual or Group chat with anyone on I3investor  MQ Trader Stock Screener using Technical and Fundamental criteria  MQ Affiliate Join the MQ Affiliate Program today to earn rewards
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